Fuel and wheat plus used vehicles combine to break record
By Jeph Ajobaju, Chief Copy Editor
Petrol, durum wheat, and used vehicles led the list of imported items in 2021, jointly pinching 28.9 per cent of N20.84 trillion total import bill, a 64 per cent rise on N12.7 trillion in 2020, according to National Bureau of Statistics (NBS) latest data.
Nigeria’s N20.84 trillion import bill in 2021 is its highest on record.
International trade by Africa’s most populous country rose 58 per cent to N39.75 trillion in 2021 from N25.22 trillion in 2020. It ensured a N1.94 trillion trade deficit and firmed up the status of Nigeria as a net importer.
The NBS report shows N14.41 trillion crude oil exports in 2021, a 53 per cent increase on N9.44 trillion in 2020, which also accounted for 76 per cent of total export earnings.
The top three imported items in 2021 are petrol, durum wheat, and used vehicles.
Petrol – N3.97 trillion
Premium motor spirit (PMS), also known as petrol, worth N3.97 trillion was shipped in, accounting for 19 per cent of total imports.
Nigeria continues to import petrol due to its inability to refine crude oil, despite being blessed with an abundance of crude reserves with four national refineries the country has run aground.
Russia’s war against Ukraine has raised the price of crude on the global market, which has also spiked the landing cost of refined fuel that may cost Nigeria more than it budgeted for subsidy in 2022.
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Durum wheat – N1.29 trillion
A total N1.29 trillion was spent on importation of durum wheat, 6.2 per cent of the total bill, and the second most imported item by value.
Durum wheat is a variety of spring wheat typically ground into semolina and used to make pasta. It is also used for couscous, bulgur, noodles, and bread.
Wheat is the third most widely consumed grain in the country after maize and rice, according to the Central Bank of Nigeria (CBN).
“The enormous demand-supply gap is bridged with over $2 billion spent annually on wheat importation. This has made wheat the second highest contributor to the country’s food import bill,” the CBN disclosed in November 2021, per reporting by Nairametrics.
Used vehicles – N770.13 billion
Used vehicles worth N770.13 billion were imported, 3.7 per cent of total imports. Nigerians call them Tokubo but the NBS referred to them as Used Vehicles. Classified as diesel or semidiesel engines of cylinder capacity greater than 2500cc.
This list is not exhaustive. Other types of used vehicles were imported in 2021.
Others imported items include:
- Gas oil – N568.5 billion
- Antibiotics – N480.9 billion
- Sugar cane – N425.6 billion
- Machines for reception – N415.8 billion
- Motorcycles and cycles – N390.9 billion
- Lubricating oil – N272.3 billion
- Polyethylene – N165.8 billion